Fibonacci Retracements Analysis 09.12.2014 (EUR/USD, USD/CHF)


Analysis for December 9th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected. Right now, the price is testing retracements 61.8% as well as several local retracements. If the market rebounds from the current level, the pair may resume moving downwards.

At the H1 chart, the predicted target area is confirmed by several local retracements, which make this area even more important. If the price rebounds from them, the pair may start a new descending movement towards the group of lower fibo-levels.

USD CHF, “US Dollar vs Swiss Franc”

In case of Franc, the pair has reached retracement 61.8% and may rebound from it. If it happens, I’m planning to start buying again. The main target is still the group of upper fibo‑levels.

As we can see at the H1 chart, retracement 61.8% is confirmed by several local retracement, from which the pair may rebound during the next 24 hours. If later the price is able to stay above retracement 23.6%, bulls will return to the market.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.